* This statement presents a managerial view of Harvard Business School operations focused primarily on cash available for use. It is not intended to present the financial
results in accordance with generally accepted accounting principles (GAAP). A presentation in accordance with GAAP would report higher operating revenues for gifts and endowment distribution and would include depreciation expense, yielding income from operations of $12 million in fiscal 2006. Cash flows, however, would be equivalent under GAAP.